Federal Bank has launched a pilot for instant Kisan Credit Card (KCC) lending in order to digitalise rural finance in select districts of Tamil Nadu. Reserve Bank Innovation Hub, a subsidiary of the Reserve Bank of India (RBI) developed this instant Kisan Credit Card (KCC).
- The farmers will be offered a new experience as compared to the conventional method of lending in terms of convenience and turnaround time under the digital loan scheme.
- The instant KCC will operate e-KYC and eSign, Application Programming Interface (APIs) developed by the Tamil Nadu E-Governance Agency (TNeGA).
- It will also contain credit history from bureaus to process loans to farmers in a matter of few minutes.
- RBI also launched the pilot for KCC lending in Madhya Pradesh and Tamil Nadu in September 2022 and partnered with Union Bank of India, Federal Bank and State governments.
- This move will help in accelerating the transition towards quicker access to credit from the organised banking system.
About Federal Bank –
- Headquarters: Aluva
- CEO: Shyam Srinivasan
- Founder: K.P Hormis
- Founded: 23 April 1931, Nedumpuram
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